COMEX gold was up 0.66% at $4,326.50 an ounce, while COMEX silver gained 0.43% to $64.280 an ounce on September 25. Gold moved between $4,299.30 and $4,331 an ounce, while silver traded between $64 and $64.530 an ounce.
The modest gains come as markets weigh geopolitical tensions in the West Asia against expectations around US interest rates.
Oil prices eased slightly on Friday (September 25) after a sharp rise in the previous session. Brent crude was down 0.69% at $105.85 a barrel, while WTI declined 0.86% to $93.80. Markets were assessing the possibility of a US-Iran diplomatic breakthrough even as attacks in the region continued.
The geopolitical backdrop remains relevant for precious metals because heightened uncertainty can support demand for safe-haven assets such as gold. At the same time, higher oil prices can add to inflation concerns and potentially keep interest rates elevated, which can weigh on non-yielding assets such as gold.
Gold had declined for a fourth straight session on Thursday (September 24). On the MCX, October gold futures fell ₹833, or 0.55%, to ₹1.50 lakh per 10 grams, while Comex gold had slipped 0.42% to $4,300.47 an ounce.
Aamir Makda, Commodity & Currency Analyst – Technical Research at Choice Broking attributed the recent pressure on gold to a stronger US dollar and Treasury yields, while Ashish Rajodiya, Head of Commodities at PL Capital, said the rate outlook was competing with geopolitical risks as a driver for bullion.
The US dollar index had climbed to around 101, while the US 10-year Treasury yield moved closer to 5.11%, according to the comments cited in the PTI report.
For gold, markets will therefore continue to track US economic data, Treasury yields, the dollar and expectations around Federal Reserve policy, alongside developments in the West Asia.
For Indian investors, global gold prices are also influenced by the rupee-dollar exchange rate, which can affect domestic bullion prices and MCX futures.
-With agencies inputs